A Beginner’s Guide to Placing a Parlay Bet

Aug 9, 2019

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Parlays bets have become very popular among sports bettors in recent years. It feels like there’s a new story every other week about someone striking it rich after hitting a 10- or 15-team parlay.

If you’re still new to the sports betting scene, you may have heard about a parlay bet before. But you might not have the slightest clue as far as what one is or how you can go about placing one.

Here is everything you need to know before putting in your first parlay bet.

What Is a Parlay Bet?

A parlay bet involves combining two or more bets together. Those bets can be point spread bets, moneyline bets, or even total bets.

The goal of placing a parlay bet is to hit all of the different bets within it. If even one of your bets doesn’t hit, your entire parlay will lose.

Most sportsbooks will allow you to place parlays that contain anywhere from two bets all the way up to 15 bets, if not more. Each individual sportsbook has its own set of rules in relation to parlays.

What Are the Odds on Parlay Bets?

It’s hard enough to hit one sports bet, let alone two or more at a time. So, why in the world are there so many people who have fallen in love with parlay bets?

There’s an easy answer to that: They love the odds that come attached to them. You can make a lot more money when you win a parlay bet than you would if you were to make individual bets on each bet within a parlay.

The exact odds on a parlay can vary based on what types of bets you put into a parlay and what odds come attached to those bets. But generally speaking, the odds on parlays look like this:

  • 2-team parlay: 2.6 to 1
  • 3-team parlay: 6.5 to 1
  • 4-team parlay: 13 to 1
  • 5-team parlay: 25 to 1
  • 6-team parlay: 50 to 1
  • 7-team parlay: 100 to 1
  • 8-team parlay: 180 to 1
  • 9-team parlay: 400 to 1
  • 10-team parlay: 825 to 1

As you can see, these odds offer bettors a chance to pad their pockets quite a bit. If, for example, they’re able to hit a 10-team parlay for $10, they stand to make more than $8,000 on it.

How Can I Place a Parlay Bet?

Placing a parlay bet at most sportsbooks is simple. You can pick the “parlay” option and select which teams you want to include in your bet.

Just make sure you give some thought to how many bets you want to include in it and what types of bets you want to use. Choosing to go with a point spread bet over a moneyline bet could ruin your entire parlay if you’re not careful.

You should also do plenty of research on each bet that you include. Your parlay will still be a longshot, but you’ll have a better chance of hitting it when you put some time into your picks.

Give Parlay Bets a Try Today to See How You Make Out

One of the best parts about making parlay bets is that you don’t have to invest much money to get in on the action. There are some sportsbooks that will allow you to place a parlay bet for under $1.

Give parlays a try to see why so many people seem to love them. Who knows? You might end up in one of those news stories we mentioned earlier after you strike it rich with a parlay.

Want to find the best bets to put in your first parlay? Contact us to learn about the pick packages that we provide for most of the major sports.